ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Business and Employment»
  • Small Businesses & Entrepreneurs»
  • Entrepreneurship

Things Every Startup Founder Should Know

Updated on March 28, 2017
Startup idea
Startup idea | Source

Needless to say, like every event in life, businesses tend to have their rough patches. Sometimes you will feel like running in circles and like your business will be the end of you.


Be that as it may, you will have to endure and continue pushing forward. After all, you don't want all that time, commitment and money to go to waste, just because things got a little bit difficult. Here are a few things every startup founder should be aware of in order to run a successful and profitable business.

Know Your Market
The market is the place where important things happen. In order to know how to place a product or attract the right customers, you will have to research the existing market wisely. Without a thorough knowledge of the market, you will probably mislead yourself and your business into a trap, which will set you back and cost you immensely.


Knowing the market means you will know what is the demand for certain products and what is the customer’s overall interest. You can re-shape your ideas to meet the market demands and score big on successful product placement. Not only that but, by researching the market well, you will be able to determine the right target audience that will become an important source of income for your business.

Know Your Product
Your product or service will be the main thing that attracts customers. You need to know the expected demand, how will your customers respond to it and will it generate enough interest to become popular and widely accepted.


Try to think the way your customers would. Create a customer persona and test out your product or service before your release it. Another great way to know where you stand is to user test your product. Give out your product or service to some of your customers for free, and ask them for a detailed review in return. This way you will discover what your potential customers like or dislike about your product, and how to improve it before you start out.

Insure Your Business
Most business owners believe that they don't need any kind of insurance policy early on. However, you should cover for your business and yourself nonetheless. Sometimes you are bound by law and local or federal regulations to get insurance. For instance, if you’re in contracting business, you are obligated by law to acquire contractor bond insurance in order to insure both your business and your customers. However, different services provided require different types of insurances – just make sure you’re familiar with necessary policies before you dig in deep with your business. It would be a good idea to sort out all the legal and insurance regulations needed for your business as early as possible, so you won't have to stumble over them later on.

Know Your Marketing Strategy
Even though a marketing strategy can be a hefty investment and it won't generate sales immediately - it's however, a necessity. Many startup founders with a limited budget often disregard marketing as an irrelevant and unnecessary expense. But honestly, without a marketing campaign, there is no way for you to promote your brand and catch the attention of leads for your business. A good marketing strategy will help you attract more customers and convert leads into sales. This ensures that your business will survive out there in the crowded market. If you’re worried about that you won't turn a quick profit from your marketing campaign and that all of the effort was a waste of time – then you must understand that a marketing campaign needs time to fully develop and start generating incomes. It's a slow and steady process, and it will take at least a year before you can see a considerable return on investment.

There are plenty of things startup founders should know about. However, it's simply impossible to know everything. That's why most of the startup owners learn as they go and share their knowledge with others. The most important thing is to do the proper research, make the right moves and make the right choices in order to perform well on the market and have a successful business.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: "https://hubpages.com/privacy-policy#gdpr"

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)